Wall Street's top regulator is resigning from the Fed

Federal Reserve Board of Governors member Daniel Tarullo speaks during an open board meeting at the Federal Reserve in Washington
Thomson Reuters
Daniel Tarullo will resign from the Federal Reserve's Board of Governors on or around April 5, according to a statement on Friday.

He served as chairman of the Board's Committee on Supervision and Regulation, which was responsible for regulating Wall Street banks.

"Dan led the Fed's work to craft a new framework for ensuring the safety and soundness of our financial system following the financial crisis and made invaluable contributions across the entire range of the Fed's responsibilities," Fed Chair Janet Yellen said in a statement.

President Barack Obama appointed Tarullo in 2009 for a term that would have expired at the end of January 2022.

"It has been a great privilege to work with former Chairman Bernanke and Chair Yellen during such a challenging period for the nation's economy and financial system," Tarullo said in his resignation letter. He was involved in implementing the Dodd-Frank reforms created after the 2008 financial crisis to prevent a repeat.

The Financial Select Sector SPDR Fund, which tracks large financial companies including banks and insurers, rose 0.6% to an intraday high following news of Tarullo's resignation.

Tarullo, 64, was a law professor at Georgetown University before joining the Fed.